In a bid to promote the best practices for the burgeoning ICO ecosystem, the Chamber of Digital Commerce, a trade association representing the digital asset and blockchain industry, has announced a new industry-led initiative.
Called “Token Alliance”, the initiative aims to educate, promote and help shape the responsible growth of token and digital asset issuances. It is co-chaired by former Chairman of the U.S. Commodity Futures Trading Commission, Dr. Jim Newsome, and former U.S. Securities and Exchange Commissioner, Paul Atkins.
“With the SEC’s recent findings regarding ICOs, combined with the CFTC’s determinations and enforcement, it is clear that proactive industry efforts are imperative and timely,” said Jim Newsome, Founding Partner of Delta Strategy Group and former Chairman of the CFTC. “I look forward to helping shape the dialogue and enable this innovative technology to progress for the benefit of industry and consumers.”
Initial Coin Offerings (ICOs) or token sales have become one of the most popular tools for raising funds among startups and businesses. In 2017 alone, more than 100 token sales raised over $1.5 billion. However, regulatory uncertainty and compliance is a major challenge for the industry.
The Token Alliance will work with the community to recommend legal frameworks that drive innovation and promote investment, balanced with protections for market participants. The initial participants include Alluminate, AlphaPoint, Bankcoin Global, Blake Cassels & Graydon, Bloq, CMT Digital, Cognizant, Cooley, Crowell & Moring, Elliptic, Gem, Hashed Health, Loyyal, Microsoft, Netki, Node40, Parsons & Whittemore, Perkins Coie, Polsinelli, Qtum, Reed Smith, Rimon Law, Rivetz, Steptoe & Johnson, t0 and Tally Capital.
“The Token Alliance will serve a much needed role in helping the industry establish for itself appropriate guidance for this new and exciting asset class. I’m thrilled to be a part of this initiative and bring my service as a former securities regulator to help foster this ecosystem,” Paul Atkins, CEO of Patomak Global Partners and former SEC Commissioner said.
The Token Alliance is open to participants from across technology, legal, advisory and other sectors, with an expertise in blockchain technology.
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